The actress had reportedly been a front runner for the role when Sofia Coppola was set to direct. Insiders claim that it was the studio's insistence in casting a star like Chloe Moretz that paved the way for the director leaving the project. Once Sofia Coppola was gone, the studio still wanted to bring the actress on board, but they didn't want to make it official until they found a new writer to rework the script, which they have now found with Richard Curtis.

It isn't known how this adaptation will differ from Hans Christian Andersen's classic story, which follows a mermaid who dreams of being human, after falling in love with the man she saved from drowning. The story, which was originally published in 1837, has been adapted several times for movies and television, including Disney's beloved animated version that hit theaters in 1991. Universal hasn't set a release date for this project yet, and it isn't known when production may begin.

Working Title's Tim Bevan and Eric Fellner are producing, with Liza Chasin and Amelia Granger set to executive produce. Executive VP of Production Erik Baiers and creative executive Chloe Yellin are overseeing the project for Universal Pictures. Now that the title character has been set, it remains to be seen who the studio will cast for her love interest.